Canadian Solar (CSIQ) is well off the morning lows and now trading up 3% after reporting a better than expected non GAAP loss of .10/share, but on revenues that plunged 71% over the year ago quarter to $49.5 million.  The CEO said the company closed the quarter with a strong, liquid balance sheet and is increasing its sales staff.  He believes Q2 shipment levels will be significantly higher than Q1, but is cautious due to US customers continuing to face an uncertain financing environment. 

Dr. Shawn Qu continued: “Canadian Solar has achieved the scale and cost structure to be a long-term player in the solar industry. We currently have one of the most complete crystalline solar module product lines, consisting of high-efficiency mono-crystalline solar modules, multi-crystalline solar modules and our medium power but low cost e-Modules. Our high-efficiency crystalline solar products compete favorably with our competitors, while our medium power e-Modules supplement our high-efficiency product line by offering the quality and durability of crystalline products at prices approaching those of thin-film products.   

Looking ahead, the company is being conservative and expects full 2009 shipments to be around 200 – 220MW.

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